S&P 500 and Nasdaq Rise as Stock Market Rise Continues; Bitcoin Vouchers

Best Buy Shares Sank as Undecided Consumers Take a Loss

45 minutes ago

Best Buy (BBY) shares tumbled Tuesday morning after the electronics retailer missed profit and sales forecasts and lowered its targets as consumers cut back on spending ahead of the key holiday shopping season.

Best Buy announces third quarter fiscal 2025 earnings per share Its revenue fell more than 3% from the previous year to $9.45 billion. Analysts surveyed by Visible Alpha were looking for $1.29 and $9.63 billion, respectively.

Comparable store sales It fell 2.9% due to the slowdown in purchases of devices, home theater systems and gaming items. International comparable store sales fell 3.7% and online comparable store sales fell 3.7%

“The combination of ongoing macro uncertainty, customers waiting for deals and sales events, and distraction in the lead-up to the election, particularly in non-essential categories, has resulted in softer-than-expected demand,” said CEO Corie Barry. second half of the quarter.

The company forecasts full-year EPS of $6.10 to $6.25, compared to the previous forecast of $6.10 to $6.35. Revenue is projected to be between $41.1 billion and $41.5 billion, compared to $41.3 billion to $41.9 billion previously. Comparable store sales are expected to fall 2.5% to 3.5%, down from a previous decline of 1.5% to 3.0%.

Best Buy shares are down 7% in recent trading, narrowing year-to-date gains to 11%.

–Bill McColl

Kohl Shares Drop Following Weak Results, CEO Departure

1 hour 14 minutes ago

Kohl’s (CSR) shares fell on Tuesday morning Retailer posts weaker-than-expected quarterly results and lowered its appearance.

The negative results and outlook come a day after the department store company said its CEO, Tom Kingsbury, was stepping down after less than two years as president. struggling retailer. Kingsbury, who was appointed CEO in February 2023, will step down on January 15 and will be replaced by Ashley Buchanan, CEO of The Michaels Companies.

Kohl’s reported third-quarter net income fell 9% to $3.51 billion compared to the same period last year, and generated a profit of $22 million, or 20 cents per share. Analysts surveyed by Visible Alpha expected revenue of $3.85 billion and net income of $29.8 million, or 27 cents per share.

Kohl’s lowered its outlook for full-year net sales and now predicts they will fall to 7% to 8%, down from its previous forecast of 4% to 6%. It also lowered its 2024 target Earnings per share (EPS) Estimate $1.20 to $1.50 for $1.75 to $2.25.4

Shares of Kohl’s recently traded down 20%, at their lowest levels since April 2020 at the beginning of the COVID-19 pandemic.

–Nisha Gopalan

Tesla Stock Price Levels to Watch as Rally Stops

3 hours 44 minutes ago

Tesla’s (TSLA) shares were little changed early Tuesday after falling 4 percent yesterday due to uncertainty surrounding the new California electric vehicle (EV). tax credits and bearish comments from analysts at UBS.

On Monday, California Governor Gavin Newsom said the state would provide EV tax credits if the Trump administration repeals them at the federal level. But Newsom added that the reductions would encourage innovation and competition in the industry. zero emission vehicle (ZEV) The market suggests these will apply to smaller EV manufacturers than Tesla.

Sentiment may also have weakened yesterday after UBS analyst Joseph Spak said in a research note that the stock’s recent post-election rally was due to: “animal spirits” rather than fundamental changes in the company.

Tesla shares are up nearly 35% since election day as investors trust CEO Elon Musk’s A close relationship with the President-Elect will likely benefit the automaker through facilitation. self driving regulations. The stock was up slightly around $339 in recent premarket trading on Tuesday.

The stock’s recent bullish price momentum may have temporarily turned bearish after shares initially climbed to the highest level in more than two years on Monday before experiencing an intraday reversal to close near the day’s low.

Traders should watch key support levels near $310 and $265 on Tesla’s chart with a bullish bar pattern price target near $500.

Read all Technical analysis article is here.

–Timothy Smith

Stock Futures Point to Mixed Opening for Major Indices

4 hours 26 minutes ago

Futures tied to the Dow Jones Industrial Average lost less than 0.1%.

S&P 500 futures rose 0.3 percent.

Nasdaq 100 futures also rose 0.3%.